If you’re a trader looking to take your skills to the next level, you may have come across FTMO. FTMO is a modern prop trading firm that offers traders the opportunity to trade with a funded account. With a unique two-step evaluation process, FTMO is designed to discover trading talents and provide traders with the tools, education, and environment to succeed.
In this FTMO review, we’ll take a closer look at what FTMO has to offer and whether it’s worth considering as a prop trading firm. We’ll examine the evaluation process, the funded account, and the trading conditions. We’ll also take a look at what other traders are saying about their experience with FTMO. Whether you’re a beginner or an experienced trader, this review will provide you with the information you need to make an informed decision about whether FTMO is suitable for you.
FTMO is a proprietary trading firm that was founded in 2015 by a group of students. Their goal was to find successful traders and provide them with the tools, education, and environment to make their dreams come true. Since then, FTMO has grown to become one of the most reputable prop firms in the industry.
As a prop firm, FTMO provides traders with capital to trade with and, in return, takes a percentage of their profits. This is different from traditional trading, where traders use their money to deal with it. The advantage of trading with a prop firm like FTMO is that traders can access more capital than they would be able to on their own.
FTMO has won numerous awards, including the Deloitte Technology Fast 50 award, which recognizes the fastest-growing technology companies in the Czech Republic. This award is a testament to FTMO’s growth and success in the industry.
To become a trader with FTMO, you must first pass their evaluation process. This involves trading a simulated account and meeting certain profit targets and risk management criteria. Once you pass the evaluation, you will be given a funded account to trade with.
It is important to note that trading with FTMO is not a get-rich-quick scheme. It requires discipline, patience, and a well-drilled trading plan. Traders must be willing to adapt to changing market conditions and be willing to accept losses when they occur. However, with the right mindset and approach, trading with FTMO can be a rewarding and profitable experience.
In summary, FTMO is a reputable prop firm that provides traders with capital to trade with. They have won numerous awards and have a rigorous evaluation process to ensure that their traders are skilled and disciplined. Trading with FTMO requires patience, discipline, and a well-drilled trading plan, but it can be a rewarding and profitable experience for those who approach it with the right mindset.
When it comes to trading platforms, FTMO offers some of the most popular options in the market. Here are the three trading platforms that you can use with FTMO:
MT4 and MT5
MetaTrader 4 (MT4) has been a popular trading platform among forex traders for years, and it’s no different for FTMO clients. MT4 is a user-friendly platform that offers a wide range of features and tools that can help traders make informed decisions. MetaTrader 5 (MT5) is the updated version of MT4, and it offers some additional features that can be useful for traders who want more advanced charting capabilities or access to more markets.
cTrader is another popular trading platform that FTMO clients can use. It offers a user-friendly interface and a range of advanced features, such as advanced order types, multiple charting options, and a customizable interface. However, due to regulatory reasons, US citizens and permanent residents can’t use the cTrader platform.
FTMO also offers an Equity Simulator that allows you to test your trading strategies in a simulated environment. This can be a useful tool for traders who want to practice their strategies without risking real money. The Equity Simulator is available on both MT4 and MT5.
No matter which platform you choose, FTMO provides a reliable and stable trading environment. You can trade all the instruments and assets that are available in your trading platform, including Forex, Indices, Commodities, Stocks, and Crypto. If you intend to use trading robots, FTMO allows the use of Expert Advisors (EAs) on MT4 and MT5.
FTMO offers three different account types to choose from, each with its own specifications and features. Let’s take a closer look at each of them:
The Aggressive account is designed for traders who prefer a high-risk, high-reward approach to trading. This account type offers the highest leverage of all three account types, with a maximum leverage of 1:200. However, it also has the highest minimum required profit target of 10% and a higher evaluation fee. This account type is suitable for experienced traders who are comfortable with taking on higher risks.
The Normal account is the most popular account type among FTMO traders. It offers a moderate level of risk with a maximum leverage of 1:100 and a minimum required profit target of 5%. The evaluation fee for this account type is also lower than the Aggressive account. This account type is suitable for traders who are looking for a balance between risk and reward.
The Swing account is designed for traders who prefer to hold positions for a longer period of time, giving their trades enough time to evolve. This account type does not have any restrictions for trading around news releases and holding of trades overnight (above 2 hours market close) and over the weekend. It offers a moderate level of risk with a maximum leverage of 1:30 and a minimum required profit target of 5%. The evaluation fee for this account type is also lower than the Aggressive account. This account type is suitable for swing traders who need to hold positions for a longer period of time.
All three account types come with the same account specifications, including the same symbols and trading hours. However, the leverage and the minimum required profit target vary depending on the account type. FTMO also offers a balance increase program for traders who meet certain conditions. Additionally, traders have the option to choose between monthly and yearly subscriptions for their evaluation and verification periods. Overall, FTMO offers a range of account options to suit different trading styles and risk preferences.
FTMO Challenge and Verification
If you are interested in trading with FTMO, you will need to pass their evaluation process, which consists of two stages: the FTMO Challenge and Verification. In this section, we will discuss what each stage entails and what you can expect.
Passing the Challenge
The first stage of the evaluation process is the FTMO Challenge. This stage is designed to test your trading skills and ensure that you can trade responsibly and manage risk properly. The challenge involves trading a simulated account with specific rules and objectives for a set period of time. The goal is to reach a profit target while adhering to the rules and risk management guidelines.
To pass the challenge, you must meet the profit target while also following the rules and guidelines. The profit target varies depending on the account size you are aiming for, but it typically ranges from 5% to 10%. It’s important to note that you can only take one challenge per account size per month.
Once you have passed the FTMO Challenge, you will move on to the Verification stage. This stage is similar to the Challenge but with a few key differences. Firstly, the account size will be larger, and the profit target will be higher. Secondly, the rules and guidelines may be slightly different, so it’s important to read and understand them carefully.
The Verification stage is designed to ensure that you can consistently trade profitably and responsibly over a longer period of time. You will need to meet the profit target while also adhering to the rules and guidelines for a set period of time. Once you have successfully completed the Verification stage, you will be offered the opportunity to trade with FTMO’s capital.
It’s worth noting that both the Challenge and Verification stages are not easy and require discipline, patience, and a well-planned trading strategy. However, if you are able to pass both stages, you will have the opportunity to trade with a funded account and potentially earn a share of the profits.
In conclusion, the FTMO Challenge and Verification stages are a rigorous evaluation process designed to ensure that traders can trade responsibly and profitably. If you are interested in trading with FTMO, it’s important to carefully read and understand the rules and guidelines for each stage and to have a well-planned trading strategy. With discipline and patience, you can pass both stages and potentially earn a share of the profits.
Trading Conditions and Restrictions
When it comes to trading with FTMO, there are certain rules and restrictions that you must adhere to. While some traders may view these restrictions as limitations, they are actually in place to help you achieve your trading objectives and improve your discipline.
One of the most important restrictions to keep in mind is the maximum drawdown limit. This limit ensures that you do not risk too much capital on any one trade, which can help you better manage your risk and avoid large losses. Additionally, FTMO has specific trading rules that you must follow, such as not using hedging strategies or opening multiple positions on the same instrument.
It’s also important to note that there are certain restrictions in place when it comes to trading during news releases. While you are free to trade during these times, you should exercise caution and be aware of the potential risks involved.
Overall, the trading conditions and restrictions with FTMO are designed to help you become a more disciplined and successful trader. By following these rules and managing your risk effectively, you can work towards achieving your trading goals and earning a profit.
Customer Support and Resources
FTMO offers customer support in 16 different languages, including English, German, Spanish, Portuguese, French, Italian, Czech, Japanese, Filipino, Vietnamese, Serbian, Ukrainian, Turkish, Russian, Polish, and Arabic. Their support team is international and provides assistance in a timely and professional manner. You can reach out to them via live chat, email, or phone. During office hours, they also offer a live chat service to help you with any questions or concerns you may have.
FTMO provides a range of educational resources to help traders improve their skills and knowledge. They offer webinars, tutorials, market analysis, and an economic calendar. These resources are available to all traders, regardless of their account size or experience level.
The webinars cover a range of topics, including trading psychology, risk management, and technical analysis. They are conducted by experienced traders and are designed to help you become a more successful trader.
Their tutorials cover everything from the basics of trading to more advanced strategies. They are easy to understand and provide a wealth of information to help you improve your trading skills.
FTMO also provides market analysis to help traders stay up-to-date with the latest market trends and news. The analysis is conducted by experienced traders and is designed to help you make informed trading decisions.
Finally, their economic calendar provides traders with important economic events and announcements that could impact the markets. This information is crucial for traders who want to stay ahead of the curve and make profitable trades.
Overall, FTMO provides excellent customer support and a wealth of educational resources to help traders improve their skills and knowledge.
FTMO offers a variety of trading tools to help traders analyze their performance and improve their trading strategies. Here are some of the most popular trading tools available on FTMO:
Account Metrix is a powerful tool that allows you to analyze your trading performance in real time. With this tool, you can track your profits, losses, and other key metrics such as drawdowns and win rates. You can also use Account Metrix to analyze your trading strategies and identify areas for improvement.
The Statistical App is a powerful tool that allows you to analyze your trading performance using advanced statistical techniques. With this tool, you can identify trends, patterns, and other key indicators that can help you make better trading decisions. You can also use the Statistical App to test different trading strategies and see how they perform under different market conditions.
The Trading Journal is a powerful tool that allows you to keep track of your trades and analyze your performance over time. With this tool, you can record your trades, track your profits and losses, and identify areas for improvement. You can also use the Trading Journal to set goals and track your progress toward achieving them.
The Mentor App is a powerful tool that allows you to connect with experienced traders and get personalized advice and guidance. With this tool, you can ask questions, get feedback on your trading strategies, and learn from the experiences of other traders. You can also use the Mentor App to build relationships with other traders and develop a network of contacts in the trading community.
Overall, FTMO offers a wide range of trading tools that can help you analyze your performance, improve your trading strategies, and connect with other traders in the community. Whether you are a beginner or an experienced trader, these tools can help you achieve your trading goals and become a more successful trader.
Payment and Fees
When it comes to payment methods, FTMO offers several options to choose from. You can pay for an FTMO Challenge via bank wire transfer, debit/credit card, cryptocurrencies, or Skrill. However, due to regulatory reasons, bank transfers are not available for payments/payouts in the following countries: Venezuela, Cuba, Sudan, and Ukraine.
The FTMO Challenge comes with a one-time fee, which varies depending on the account type you choose. The fees are as follows:
- 10% profit share for the 100K Challenge with a maximum loss of $5,000
- 10% profit share for the 200K Challenge with a maximum loss of $10,000
- 10% profit share for the 500K Challenge with a maximum loss of $25,000
It is important to note that the fees are non-refundable, and you will not be charged any additional fees during the evaluation process.
Once you have successfully completed the FTMO Challenge and Verification, you will be offered to trade on an FTMO Account with a balance of up to 200,000 USD. In terms of payouts, FTMO pays out profits on a monthly basis.
As mentioned earlier, FTMO charges a 10% profit share for all account types. This means that if you make a profit of $10,000, FTMO will keep $1,000 as their share, and you will receive $9,000. However, if you do not make any profits, you will not owe anything to FTMO.
Skrill is a popular payment method that is accepted by FTMO. It is a secure and convenient way to make payments and withdrawals. However, it is important to note that Skrill charges a fee for their services.
Overall, FTMO’s pricing structure is transparent and reasonable. The fees are non-refundable, but they are not charged again during the evaluation process. The profit share is also reasonable at 10%, and you only owe it if you make a profit. Additionally, Skrill is a convenient payment method that is accepted by FTMO.
FTMO Reputation and Reviews
When it comes to trading, reputation and trustworthiness are of utmost importance. FTMO has been in the business for several years and has gained a reputation as a trustworthy company. To ensure transparency, FTMO encourages traders to check their reviews on renowned review sites such as TrustPilot, Forex Peace Army, or Forex Factory.
FTMO has received over 6300 organic reviews on Trustpilot, with an average rating of 4.8 out of 5. This is a testament to the company’s commitment to providing a reliable and trustworthy service.
In addition to TrustPilot, FTMO has also received positive reviews on Forex Factory and Forex Peace Army. These review sites are known for their strict verification process, ensuring that only genuine reviews are posted.
FTMO’s transparency is also evident in their evaluation process. Traders are provided with a clear set of rules and guidelines to follow, and their progress is regularly updated. This allows traders to have a clear understanding of their performance and what is expected of them.
Overall, FTMO has a strong reputation in the trading industry for being a trustworthy and reliable company. Their positive reviews on various review sites and their commitment to transparency are a testament to this.
Conclusion: Pros and Cons
Now that we have looked at the various aspects of FTMO and its trading challenges, let’s summarize the pros and cons of this platform.
- FTMO offers a fair and transparent trading challenge that allows traders to prove their skills and earn funding for their trading accounts.
- The platform provides traders with access to a wide range of trading instruments, including forex, commodities, and indices.
- The risk management tools offered by FTMO, such as the maximum drawdown limit, can help traders manage their risk and avoid significant losses.
- The platform offers excellent customer support, with a dedicated team available to assist traders with any issues they may encounter.
- The FTMO trading challenge is an excellent opportunity for traders to gain experience and improve their skills, even if they do not pass the challenge.
- The initial cost of the FTMO trading challenge may be prohibitive for some traders, as they must pay a fee to participate.
- The strict rules and limitations imposed by FTMO, such as the maximum daily loss limit, may be frustrating for some traders who prefer more freedom in their trading.
- The profit-sharing model employed by FTMO means that traders must give up a portion of their profits to the platform, which may be less appealing to some traders.
- The maximum allocation limit of $400,000 may be insufficient for some traders who wish to trade larger positions.
Overall, FTMO is a reputable and reliable platform that offers traders an excellent opportunity to prove their skills and earn funding for their trading accounts. While there are some limitations and costs associated with the platform, the benefits of participating in the FTMO trading challenge outweigh the drawbacks.